>>> import time
>>> oldtime = 0
>>> def myfunc():
...   mt = time.time()
...   ot = globals()['oldtime']
...   if mt >= ot + 5:
...     print "Execute the code"
...   else:
...     print "You called me too soon!"
...   globals()['oldtime'] = mt
...
>>> myfunc()
Execute the code
>>> print "I'm waiting for a while..."
I'm waiting for a while...
>>> myfunc()
Execute the code
>>> myfunc()
You called me too soon!
>>>